BUSINESS + ECONOMY
$10 million donated to the Utah Housing Preservation Fund
Oct 6, 2022, 9:30 AM
An apartment building under construction n Salt Lake City is pictured on Monday, May 16, 2022. (Mengshin Lin/Deseret News)
(Mengshin Lin/Deseret News)
An apartment building under construction n Salt Lake City is pictured on Monday, May 16, 2022. (Mengshin Lin/Deseret News)
SALT LAKE CITY — With housing prices rising in most areas of the U.S., organizations like the Utah Housing Preservation Fund, UHPF, help keep Utahns sheltered.
One of the ways UHPF makes sure housing remains affordable is by finding investors who understand its mission and are willing to take lower returns to make an impact on our community.
American Express National Bank has just become one of those investors. With a $10 million investment, UHPF said it can preserve an estimated 100 to 130 affordable housing units across the state.
“Investments like this one from American Express National Bank are critical in protecting the most vulnerable during the continuing affordable housing crisis,” said UHPH in a press release.
The investments primarily help low-income Utahs with affordable rent, hundreds of dollars below the market price.
UHPF’s most recent purchase was Elk Meadows in Park City. According to a press release, The complex, with 96 units, charges rent prices $400 less than the market average.
“Home security is a big deal. What American Express National Bank has done to help is a big deal, and their example will hopefully encourage others to get involved,” said Lukas Ridd, UHPF director of operations and finance. “We are committed to helping thousands of Utahns through housing stabilization and that work would not be possible without community-minded banks like American Express.”
